82 FARM ACCOUNTING 



9. When may a trial balance be taken? 



10. What is the customary time for taking a trial balance? 



11. Name the three general sUj -s in taking a trial bal; 



12. How is the balance of an account found and recorded prepara- 



tory to taking a trial balance? 



13. What kind of paper is suitable fur taking a trial balance? 



14. Describe the process of taking a trial balance after the 



ledger accounts have been prepared for it and the paper 

 is ready for the recording of the trial balance li^ir 



1."). Describe the last step in the completion of a trial balance. 



10. What is meant by a trial balance before closing? After 

 closing? 



17. Discuss the difference between a trial balance before el- 



and a trial balance alter closing as regards conte: 



18. Discuss the difference between a trial balance after closing 



and a Statement of Resources and Liabili; 



19. In preparing financial statements from a trial balance what 



preliminary step is advisable? 



20. All debit balances in a trial balance appear where in the 



statements? 



21. All credit balances in a trial balance appear where in the 



statements? 

 2. Why is it mnvet to say that the Statement of Resources and 



Liabilities contains all the items in the trial balance? 

 23. What is the relation between the Loss and Gain Statement 



and the Statement of Resources and Liabilities? Is there 



anything in common? 

 iM. What difference exists between the Capital account in a 



trial balance before closing and after closing? 

 25. Describe the two general methods of preparing financial 



statements. 

 *Ju'. Which method is considered better in farm accounting? 



Why? 

 '27. In farm accounting, where is a practical place to preserve 



financial statements? 



